ARL Fair Use Best Practices project released a report in December 2010 -- there are problems and solutions out in the community, and identifies 'points of friction.' E-reserves, access for the disabled, digitization for preservation, digital exhibits, ILL, institutional repositories, and non-consumptive research. The project is designed to provide some kind of clear 'best practices' for libraries to follow to make appropriate, canonical, fair use of materials. Librarians end up being gatekeepers, they are on the front line for answering copyright questions.
The Center for Social Media has developed other codes and the fair use principles will follow a similar format. Expect to see the code by the end of the year.